Archive for the ‘Precious Metals Trading’ Category

US Data & Need for Fed Clarification Send Gold Futures Soaring

Gold futures have blasted-off today reportedly once mixed domestic data highlighted uncertainty with the Federal Reserves timing of their next rate hike. Gold futures are up $22.40 per ounce currently trading at $1,153.90 at the New York Commodity Exchange.

The US Commerce and Labor Departments both released information such as initial jobless claims, durable goods orders (and “core” durable goods orders), orders & shipments for core capital goods, which came in outside analysts projections, but also revisions from previous reports were eye-openers for the gold trade. Later today, the Federal Reserves Chairwoman will be delivering a speech that investors will be listening to that may provide clarity on last week’s decision to keep interest-rates steady.

The trend for gold has been back and forth with big swings in the past month, and is now at a crossroad to switch back up. Gold futures will require a little more action to the upside to change the direction to up in my work, however.


Gold Futures Sink Another $21 on Durable Goods Data

Gold futures have sold-off for a third session in a row from its $1,170 highs only on Monday once domestic durable goods orders rose an unexpected amount last month and now boosting sentiment for a forthcoming interest-rate hike. Gold futures are now down $12.40 per ounce and currently trading at $1,126 at New York’s Commodity Exchange.

When durable goods orders were expected to “drop” by 0.4%, the US Department of Commerce reported an actual increase for total durable goods orders by 2% last month. To reinforce the sentiment, June’s durable goods order’s were revised to a “4.1%” gain from the 3.4% which was previously reported.

The technical trend for gold turned up only one week ago today. Gold futures still look strong despite the three-day sell-off so if there are any jewelers or electricians out there looking for a place to buy, this may be it.


Gold Futures Lagging on Greek Restructuring & US Data

Gold futures are down for the fourth straight trading session after mixed-signals with the US economy and the unfolding of the Greek debt crisis. Gold futures are down $2.70 per ounce currently at $1,144.70 at the Commodity Exchange in New York.

Gold – usually viewed as a “safe-haven” for investors amid inflation and world instability – has been lagging despite the sluggish economy in China, the Greek debt crisis becoming larger, and the recent deal on Iran’s nuclear ambition. Here in the US the Federal Reserve Chairwoman, Janet Yellen, is said to be sending indications that current domestic conditions may likely justify hiking-up interest-rates, however the stronger dollar, recent initial jobless claims, and even manufacturing data are all unclear.

The trend for gold futures is down with no bottom yet in sight. A bounce higher in gold futures is becoming overdue in my opinion.


Gold Futures Close Lower on US Data & Greek Woes

Gold futures barely worked its way lower today for a fourth session in a row most likely on two main concerns: lack of progress with the Greek-debt concerns, and strong US consumption data. Gold futures are down a nominal .80 cents per ounce currently trading at $1,172.10 per ounce at New York’s Commodity Exchange.

Earlier this morning, the US Commerce Department communicated that consumer spending spiked last month by 0.9% – the biggest single-month gain in almost six years. Meanwhile in Europe, high level meetings including the European Central Bank, the IMF, and the European Commission failed to reach a deal to avoid Greek financial aid and ultimately bankruptcy.

The technical trend for gold futures is down, but like many markets right now, it has been trading “sideways” for three full months now. When this market breaks out (in either direction), it could be one heck of a trend following.


Upbeat Employment & Trade Data Not Enough for Gold Futures

Gold futures fell today to lows not seen since early last month on the outlook of positive data making the case for an interest-rate hike this year. Gold futures are down $8.60 currently at $1,185.80 per ounce (but traded to $1,180 earlier in the trading session) at the New York Commodity Exchange.

The US Commerce Department reported the trade deficit narrowed close to 20% in April exceeding analysts expectations, while in the same month US exports ticked up a full 1% and imports declined 3.3%. This information came before the payroll processing firm “ADP” stated May non-farm payrolls rose a hair above expectations to 201,000 with the economy creating 165,000 jobs.

The trend for gold futures has been absolutely sideways for 2.5 months while technically “up” in my work. A couple more down days from here could change the trend from up to down, however – today’s/tomorrow’s lows must hold.


Strong Jobless Claims, Interest-Rates Weigh Heavy on Gold Futures

Gold futures retreated from the $1,200 per ounce high from Tuesday after a reportedly stronger than forecasted US jobless claims data was posted. Gold futures are currently down $8.00 at nearly $1,183 per ounce at the New York Commodity Exchange.

The surprise with the Department of Labor statistics report this morning was with a number of other statistics in the report nearing a 15-year low, including the four-week average for initial claims reportedly dropping by 4,250. Interest-rates, on the other hand, have been weighing on gold prices with rates creeping higher in the last week.

The technical trend for gold remains “up” in my study but have been at a cross-roads twice in the last two weeks. Gold futures – at the moment – appear rangebound within a high of $1,217 on the high side, and $1,170 on the lower support level.


Gold Futures Rally on US Data & Greek Concerns

Gold futures broke out above $1,200 late this week on the outlook of official US data indicating a possible interest-rate hike based on the strength of the economy. Then gold futures turned around for the day about $4 per ounce just under $1,198 per ounce at New York’s Commodity Exchange.

With the US dollar under pressure Wednesday after domestic industrial production showed to fall six-tenths of one percent (the largest drop since the summer of 2012, and twice as weak as economists had expected), the disappointing report rekindled speculation for the Federal Reserve Board to hold off hiking interest-rates anytime soon.

Gold futures trend is technically up, however the market has been trading sideways for almost a month. Gold futures appear to be building a base for another breakout to the upside.


Private Sector Data Launches Gold Futures

Gold futures soared today over the $1,200 threshold just after the “soft” non-farm payrolls were released on the outlook of lower employment figures to be released on Friday. Gold futures closed $25 per ounce higher on the day at New York’s Commodity Exchange division of the New York Mercantile Exchange.

The ADP National Employment Report released today showed the private sector adding 189,000 jobs last month which falls short of the 225,000 expectation of other expert economists forecasts. What’s significant about this preliminary forecast is that it marks the lowest increase in seasonally-adjusted private employment since January of last year.

The trend for gold futures is up as of late last month – so the gold rush is on (so to speak). We are currently long gold futures with both a stop and target price in place.


Gold Futures Reach Five-Month High on Obscure Growth Outlook

Gold futures have reached a five-month high in early morning trading on the outlook of a safe-haven hard-asset amid speculation of sputtering global growth. Gold futures are currently at $1,288 per ounce (up $11) in New York at the Commodity Exchange.

Over the long weekend, in Washington, DC the Int’l Monetary Fund released an aggressive retraction of their global growth forecast of the past three years. They claim a worldwide slowing of growth (except for here stateside) and that it will “more than offset” the expansion boost offered from dwindling crude oil prices. Also recently, the Swiss National Bank shook the markets last week ending a cap to their currency against the Euro which initiated this leg up for gold futures.

Gold futures trend is up with no top yet in sight. I am concerned with the lack of follow-through with gold futures bulls this morning and feel a correction is due…


With Jobless Claims Up More Than Forecast, Gold Futures Pause

Gold futures have virtually paused between its recent downtrend low of $1,130 per ounce, and the recent high near $1,180, once the Department of Labor released its weekly “jobless claims” report revealing an increase of claims more than previously forecasted. Gold futures are currently trading at $1,160 per ounce in New York.

Gold futures have plummeted just over 16% since the beginning of the third-quarter to a four-year low just last week, and have only managed what appears to be a 2.7% “dead-cat” bounce since. The only bullish news on the horizon comes from the World Gold Council that claims they’re “quite optimistic” for gold (futures) to rise on jewelry demand after this low last week.

Gold futures trend is down with no bottom yet in sight. If fact, gold futures now appear to be “coiling” in price which highlights a possible breakout soon – most likely in the direction of the trend.

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